Lotteries In America

Lotteries In America

The Earliest Known Lottery in America

As an early form of financing both public and private endeavors, lotteries maintain an important place in the financial history of the United States. Indeed, prior to the formation of an efficient market for trading securities, lotteries were often the preferred method of raising funds for canals, roads bridges, schools, churches, hospitals and virtually anything imaginable. An English lottery in 1612 supported the English settlement of Jamestown, Virginia. The United States government, in November of 1776 made an ambitious attempt at financing the Revolutionary War with four classes of lottery tickets. In the 1830’s many people began to oppose lotteries as a source of funding. By 1894, Congress had prohibited interstate use of lotteries.